US to consider rejoining CPTPP after other priorities
Updated : Friday, March 23, 2018 9:13 AM (GMT+0700)

TheUS will consider rejoining the freshly-signed Comprehensive and ProgressiveAgreement for Trans-Pacific Partnership (CPTPP) after it deals with otherpriorities, US Treasury Secretary Steven Mnuchin has said.

US Treasury Secretary Steven Mnuchin - Photo: Bloomberg

Mnuchin said that the Trumpadministration is now focusing on talks to renegotiate the North American FreeTrade Agreement (NAFTA) and that it would be "a bit premature" toreview details of what needs to be addressed for the US to reconsider joiningthe CPTPP.

"But as we accomplishour goals on these other trading relationships, this (CPTPP) is definitelysomething that we'll consider, and Chile will be a big partner of ours in thatat the right time," he said at a press conference following a two-daymeeting of G-20 officials in Argentina.

President Donald Trumpwithdrew the US from the Trans-Pacific Partnership (TPP) Agreement last year,but the remaining 11 members – Australia, Brunei, Canada, Chile, Japan,Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam - pressed ahead andsigned the renegotiated pact in the Chilean capital of Santiago on March 8(local time). 

The deal aimed atstreamlining trade and slashing tariffs was renamed the Comprehensive andProgressive Agreement Trans-Pacific Partnership. It sets high criteria innumerous fields, including labour, the environment, intellectual property,digital economy and cyber security.

Twenty-two provisions of theCPTPP, including sensitive ones related to intellectual property, weresuspended or changed in comparison to the TPP.

The pact is expected tofacilitate for the promotion of economic growth and job generation, povertyreduction, and improvement of people’s living conditions.

It will be a strong messageagainst protectionism, while proving that an opening economy will benefitmember nations, according to experts.

The pact will create one ofthe world’s largest free trade blocs with a combined market of 463 millionpeople and GDP of around 10,000 billion USD, accounting for 13 percent of theglobal GDP.

It will bring aboutimportant commitments involved in non-tariff barriers, services, investment andother fields.

The pact will come intoforce 60 days after it is fully ratified by six of the 11 members.


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